Gemalto will acquire SafeNet for $890 Million
Gemalto, the Dutch digital security company announced that it has agreed to pay 890 million to acquire the data protection software provider, SafeNet.
Gemalto’s security products are used for mobile wallets and online banking and in some national identity cards and bank cards.
The acquisition of SafeNet will be funded by cash and existing long-term debt facilities. The transaction will likely take place in the fourth quarter.
The deal will rather increase Gemalto’s offerings of software and other products that are used to verify identity and provide encrypted security for financial transactions and several other online activities.
Olivier Piou, the Gemalto chief executive, mentioned that the deal would “expand our technologies and growth opportunities in protecting online access.”
“The combination of our portfolios will allow customers to have access to world’s leading security products for mobile and cloud, delivering best-in-class protection of data and identities,” Prakash Panjwani, the SafeNet president and chief executive, told in a news release.
Source: NYT
